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Vermont State Infrastructure Bank (SIB)This program, operated by the Vermont Economic Development Authority in conjunction with the Vermont Agency of Transportation and the Federal Highway Administration, is available to assist in the construction or reconstruction of highways, roads and bridges, as well as certain facilities related to rail transit. This program also provides funding for the purchase of commuter vans.
Eligibility
- Municipalities, regional development corporations or political subdivisions of the state;
- Private sector companies that have entered into a contract with a public authority to carry out a qualified project;
- Companies or groups of individuals purchasing a commuter van.
Use of Proceeds
- Construction or reconstruction of highways, roads and bridges;
- Construction of certain rail transit facilities;
- Purchase of commuter vans.
Loan Rates and Terms
- 4% fixed for loans to private sector borrowers;
- 2.5% fixed for loans to municipal-type borrowers;
- Loan term may not exceed 30 years with repayment commencing no later than five years after completion of project;
- Required borrower equity contribution to project is 10-20%;
- Commuter van loans:
- Term of up to five years;
- Principal repayment only; interest charges paid by Vermont Agency of Transportation;
- Vans must be used only to transport employees to and from work.
Fees
- 2% commitment fee for non-commuter van loans;
- $250 application fee and interest charges paid by Vermont Agency of Transportation for commuter van loans.
Application Process
- All loan decisions are made by the SIB Board of Directors;
- All federal and state environmental permits and other approvals must be obtained for SIB projects;
- Applicants are advised to discuss their proposed project with SIB Staff prior to submitting the application;
- Vermont State Infrastructure Bank may be obtained from the VEDA office.
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